Seniat updated the value of the Tax Unit in Venezuela

The National Integrated Customs and Tax Administration Service (Seniat) readjusted the Tax Unit (UT) from 0.4 to 9.0 bolivars; which represents an increase of 2,150 %.

The government provision was published through the Official Gazette number 42.623, dated May 8, 2023, and its compliance applies from the date of issuance of the document.

The public accountant and partner of PwC Venezuela Tax Services, Ana Azevedo, explained that the penalties for non-compliance with non-prescribed tax obligations could increase by 21.5 at the time of payment due to the fine adjustment rule of the Organic Tax Code (COT).

The readjustment of the Seniat generates expectations

The readjustment of the Tax Unit in Venezuela has generated great concern among taxpayers and specialists in this matter.

In addition, it is recommended to consult with a specialist in tax matters to know all the implications of this readjustment and comply with tax obligations correctly.

#AHORA Fue publicado en Gacerta Oficial el aumento de la Unidad Tributaria que pasó de 0,40 bolivares a 9 bolivares #11May pic.twitter.com/8T47MCLlgY

— FM Center Es Noticia (@FMCenterNoticia) May 11, 2023

Taken from DobleLlave

(Reference image source: Unsplash, in collaboration with Andy Quezada)

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